Home. It’s meant to be where the heart is. But today it is hard to think of a more divisive subject than the housing market. If you’re over 50, home is where the money is. Having enjoyed a huge surge in house prices over the decades, property is an immense source of wealth and security for the baby boomers. On the other side of the generational faultline, however, for young people buying a home means taking on a huge mortgage – assuming they can even get one.
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The bank’s pay report, just released, shows that in a period – as Labour likes to remind us – that living standards fell by £1,600 for the average household, Horta- Osorio managed to accumulate pay, shares and two pension pots worth an astounding £11.5million. Horta-Osorio is vowing not to cash in his shares while a substantial taxpayer stake remains in place at Lloyds. A worthy pledge, but it does nothing to address the myth built by bankers that they are special and deserve to make their own rules.
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